The Dow Jones Industrial Average closed at 34,479.60 on Friday with a gain of 13.36 points or 0.04%. The S&P 500 closed at 4,247.44 for a gain of 8.26 points or 0.19%. The Nasdaq Composite closed at 14,069.42 for a gain of 49.09 points or 0.35%. The VIX Volatility Index was lower at 15.73 for a loss of 0.37 points or -2.30%.
For the week, the S&P 500 had a gain of 0.4%, the Nasdaq gained 1.9% and the Dow Jones had a return of 0.8%. For the year, the S&P 500 has a gain of 13.1%, the Dow Jones has a gain of 12.64% and the Nasdaq has a gain of 9.15%.
Friday’s Market Movers
U.S. stocks ended higher Friday and the major indexes closed with gains. The S&P 500 reported a second consecutive record closing high. Investors continued to buy into stocks for a second day despite yesterday’s 5% year over year Consumer Price Index report. Many investors still believe that the Fed’s stance on interest rates will continue to remain dovish, as officials have repeatedly said they expect higher inflation numbers to be transient.
Basel regulators also made headlines with a recommendation for the highest risk weighting of 1,250% to be implemented for banks that choose to have exposure to bitcoin and other cryptocurrencies. Basel’s recommendations do not apply to stablecoins, which typically have a controlled dollar for dollar rate.
In other news:
- The KraneShares Electric Vehicles and Future Mobility ETF (KARS, Financial) led sector gains for the day with a return of 0.93%.
- The S&P 500 Financial Select Sector SPDR Fund (XLF, Financial) gained 0.64% and the S&P 500 Technology Select Sector SPDR Fund (XLK, Financial) gained 0.60%.
- The S&P 500 Health Care Select Sector SPDR Fund (XLV, Financial) led sector losses with a return of -0.71%.
- The iShares Nasdaq Biotechnology ETF (IBB, Financial) was down -0.67%.
- The Michigan Consumer Sentiment Index increased to 86.4 in June from 82.9.
- The weekly Baker Hughes oil rig count showed an increase of five rigs in the U.S., an increase of 16 rigs in Canada, and an increase of 55 rigs internationally.
- Moderna (MRNA, Financial) gained 0.85% with the company reporting that its COVID vaccine is not tied with heart conditions.
- A report said Amazon’s (AMZN, Financial) Prime Day is expected to beat last year’s sales record of $10 billion.
- A bipartisan group of legislators may potentially propose a bill that would pressure large tech companies with private label products, specifically Amazon.
- Peloton (PTON, Financial) 6.64%
- Nvidia (NVDA, Financial) 2.30%
- The 10-year Treasury remained below 1.5%, with a yield of 1.454% to end the day.
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,335.81 for a gain of 24.40 points or 1.06%. The S&P 600 closed at 1,396.25 for a gain of 13.55 points or 0.98%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,323.65 for a gain of 148.23 points or 0.98%. The Dow Jones U.S. Small-Cap Value Index closed at 11714.10 for a gain of 107.52 points or 0.93%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,752.17 for a gain of 21.45 points or 0.79%; the S&P 100 at 1,929.59 for a gain of 2.87 points or 0.15%; the Nasdaq 100 at 13,998.30 for a gain of 37.95 points or 0.27%; the Russell 3000 at 2,543.67 for a gain of 7.92 points or 0.31%; the Russell 1000 at 2,391.97 for a gain of 6.17 points or 0.26%; the Wilshire 5000 at 44,509.48 for a gain of 133.04 points or 0.30%; and the Dow Jones US Select Dividend Index at 867.60 for a gain of 3.32 points or 0.38%.
